HSA Contribution Limits For 2009

The Treasury and the Internal Revenue Service update the maximum contribution levels for Health Savings Accounts (HSA's) and deductible out of pocket limits for High Deductible Health Plans (HDHP's) that are required to be used with HSA's every year based upon cost of living adjustments, any changes or adjustments in the tax code and any changes in legislation.

The new HSA contribution limits for 2009 are as follows:

• Maximum annual HSA contribution has been increased to $3000 for an eligible individual with self-only coverage
  
  
• Maximum annual HSA contribution is $5,950 for family coverage.
  
  
• For those who are 55 years old and above, additional allowable catch up contributions has been increased via statue by $1000 over the individual maximum of $3000. Therefore, the maximum allowed for those 55 years or older is now $4000.
  
  
• Individuals/Families who are eligible during the last month of the tax year (December) are allowed to contribute the full contribution amount to thier HSA's plans for that year (plus $1000 for catch up contributions for those 55 years old and above).
  
  
• Annual maximum out-of-pocket for the linked eligible High Deductible Health Plan (HDHP) is $5,800 for self coverage and $11,600 for family coverage.
  
  
• The minimum deductible for HDHP's has been adjusted to $1,150 for self-coverage and $2,300 for family coverage.

Health Savings Accounts (HSA's) and High Deductible Health Plans (HDHP's) continue to be a very smart choice for those who are not covered by employer group health coverage. It's a great option for those who want coverage and also allows them to possibly save for retirement with unused health care dollars.

If you are looking for a High Deductible Health Plan (HDHP) or just want to compare rates to see if you can save money overall verses your current eligible plan, then we recommend eHealthInsurance and InsureMe where you can compare rates from dozens of insurers such as Aetna, Humana, BCBS, Anthem, United Health and many more. Check with your HSA institution to be sure that any new health plan is approved before changing plans.

Information about 2009 HSA contribution limits from treasury.gov

 

 

 

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